8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 27, 2011

PARKER-HANNIFIN CORPORATION

(Exact Name of Registrant as Specified in Charter)

Ohio	1-4982	34-0451060
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6035 Parkland Blvd. Cleveland, Ohio	44124-4141
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (216) 896-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

Item 7.01 Regulation FD Disclosure

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure”

On April 27, 2011, Parker-Hannifin Corporation issued a press release and presented a Webcast announcing earnings for the quarter ended March 31, 2011. The press release and Webcast presentation contain references to sales growth excluding the effects of acquisitions and foreign currency exchange rates. The effects of acquisitions and foreign currency exchange rates are removed to allow investors and the company to meaningfully evaluate changes in sales on a comparable basis from period to period. A copy of the press release is filed as Exhibit 99.1 to this report. A copy of the Webcast presentation is filed as Exhibit 99.2 to this report.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits:

99.1	Press release issued by Parker-Hannifin Corporation, dated April 27, 2011.
99.2	Webcast presentation by Parker-Hannifin Corporation, dated April 27, 2011.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

PARKER-HANNIFIN CORPORATION
By:	/s/ Jon P. Marten
	Jon P. Marten
	Executive Vice President - Finance and Administration and Chief Financial Officer

Date: April 27, 2011

EX-99.1

	Exhibit 99.1

For Release:	Immediately
Contact:	Media –
	Christopher M. Farage - Vice President, Communications & External Affairs	216/896-2750
	cfarage@parker.com
	Financial Analysts –
	Pamela Huggins, Vice President - Treasurer	216/896-2240
	phuggins@parker.com
Stock Symbol:	PH – NYSE

Parker Reports Record Fiscal 2011 Third Quarter Sales, Net Income and Earnings per Share and Increases Dividend 16 Percent

• Net Income and Diluted Earnings Per Share of $1.68 were All-Time Quarterly Records

• Sales Increased 24% to a Third Quarter Record and Order Growth Remains Strong

• Company Maintains Strong Cash Flow and Balance Sheet and Increases Dividend 16%

• Earnings Guidance Increased for Fiscal Year 2011

CLEVELAND, April 27, 2011 — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported record results for the fiscal 2011 third quarter ended March 31, 2011. Fiscal 2011 third quarter sales were $3.2 billion, a third quarter record representing an increase of 23.9 percent from $2.6 billion in the same quarter a year ago. Net income was an all-time quarterly record of $281.6 million, an increase of 82.4 percent from $154.4 million in the third quarter of fiscal 2010. Earnings per diluted share for the quarter were also an all-time quarterly record at $1.68, compared with $0.94 in last year’s third quarter. Cash flow from operations for the first nine months of fiscal 2011 was $799.9 million, or 9.0 percent of sales, compared with cash flow from operations of $841.4 million, or 11.7 percent of sales in the prior year period.

“Our third quarter performance reflects the continued strength that we see across our end markets and regions and our ability to leverage that strength into higher operating margins and record quarterly earnings per share,” said Chairman, CEO and President Don Washkewicz. “Customer orders also increased significantly in the quarter.

1

All segments reported a double-digit increase in sales and order levels. Total organic sales increased 21 percent in the quarter with acquisitions contributing 1 percent and currency contributing 2 percent. Margin performance was also a positive as total segment operating margin was a third quarter record of 14.8 percent, led by Industrial North America segment margin of 16.1 percent and Industrial International segment margin of 15.5 percent. Further reflecting our continued strong balance sheet and cash flow, the Board of Directors today approved a 16 percent increase in our quarterly dividend from 32 cents to 37 cents per common share.”

Segment Results

In the Industrial North America segment, third quarter sales increased 23.0 percent to $1.2 billion, and operating income was $189.5 million compared with $133.6 million in the same period a year ago.

In the Industrial International segment, third quarter sales increased 29.9 percent to $1.3 billion, and operating income was $199.8 million compared with $109.3 million in the same period a year ago.

In the Aerospace segment, third quarter sales increased 12.1 percent to $503.8 million, and operating income was $69.0 million compared with $49.8 million in the same period a year ago.

In the Climate and Industrial Controls segment, third quarter sales increased 24.9 percent to $264.5 million, and operating income was $22.6 million compared with $16.3 million in the same period a year ago.

Orders

Parker reported an increase of 24 percent in total orders for the quarter ended March 31, 2011, compared with the same quarter a year ago. The company reported the following orders by operating segment:

• Orders increased 20 percent in the Industrial North America segment, compared with the same quarter a year ago.

2

• Orders increased 22 percent in the Industrial International segment, compared with the same quarter a year ago.

• Orders increased 44 percent in the Aerospace segment on a rolling 12-month average basis.

• Orders increased 14 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

Outlook

For fiscal 2011, the company has increased guidance for earnings from continuing operations from the previous range of $5.80 to $6.20 per diluted share to a new range of $6.20 to $6.40 per diluted share.

Washkewicz added, “Our performance year-to-date reflects the ongoing economic recovery and the continued execution of our Win Strategy, now in its tenth year. Parker continues to position itself favorably for continued earnings growth by focusing on premier service to our customers, lean operations and ongoing investments in leading edge innovations across the company. Parker expects to deliver record earnings in fiscal 2011, with a strong order backlog going into fiscal year 2012.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2011 third quarter results are available to all interested parties via live webcast today at 10:00 a.m. ET, on the company’s investor information web site at www.phstock.com. To access the call, click on the “Live Webcast” link. From this link, users also may complete a pre-call system test and register for e-mail notification of future events and information available from Parker. A replay of the conference call will also be available at www.phstock.com for one year after the call.

With annual sales of $10 billion in fiscal year 2010, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a

3

wide variety of mobile, industrial and aerospace markets. The company employs approximately 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 55 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company’s web site at www.parker.com, or its investor information web site at www.phstock.com.

Notes on Orders

Orders provide near-term perspective on the company’s outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator. Aerospace comparisons are rolling 12-month average computations. The total Parker orders number is derived from a weighted average of the year-over-year quarterly percent change in orders for the Industrial North America, Industrial International, and Climate and Industrial Controls segments, and the year-over-year 12-month rolling average of orders for the Aerospace segment.

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company’s ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; uncertainties surrounding timing, successful completion or integration of acquisitions; ability to realize anticipated costs savings from business realignment activities; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company’s ability to manage costs related to insurance and employee retirement and health care benefits; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.

###

4

PARKER HANNIFIN CORPORATION - MARCH 31, 2011

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

	Three Months Ended March 31,					Nine Months Ended March 31,
(Dollars in thousands except per share amounts)	2011			2010		2011			2010
Net sales	$	3,240,103		$	2,614,823	$	8,936,040		$	7,206,696
Cost of sales		2,463,083			2,062,451		6,796,685			5,732,877
Gross profit		777,020			552,372		2,139,355			1,473,819
Selling, general and administrative expenses		375,069			316,069		1,054,332			927,752
Interest expense		24,619			25,951		74,883			76,703
Other (income) expense, net		(12,385	)		3,959		(22,191	)		6,707
Income before income taxes		389,717			206,393		1,032,331			462,657
Income taxes		108,069			52,013		269,835			129,344
Net income		281,648			154,380		762,496			333,313
Less: Noncontrolling interests		2,059			517		5,556			1,411
Net income attributable to common shareholders	$	279,589		$	153,863	$	756,940		$	331,902
Earnings per share attributable to common shareholders:
Basic earnings per share	$	1.72		$	.96	$	4.68		$	2.06
Diluted earnings per share	$	1.68		$	.94	$	4.58		$	2.04
Average shares outstanding during period - Basic		162,160,426			160,931,123		161,711,394			160,776,068
Average shares outstanding during period - Diluted		166,690,347			163,632,703		165,270,482			162,698,305
Cash dividends per common share	$	.32		$	.25	$	.88		$	.75
BUSINESS SEGMENT INFORMATION BY INDUSTRY
(Unaudited)
	Three Months Ended March 31,					Nine Months Ended March 31,
(Dollars in thousands)	2011			2010		2011			2010
Net sales
Industrial:
North America	$	1,178,714		$	958,594	$	3,289,098		$	2,588,887
International		1,293,047			995,186		3,533,259			2,777,493
Aerospace		503,806			449,247		1,400,116			1,266,654
Climate & Industrial Controls		264,536			211,796		713,567			573,662
Total	$	3,240,103		$	2,614,823	$	8,936,040		$	7,206,696
Segment operating income
Industrial:
North America	$	189,463		$	133,598	$	538,254		$	324,204
International		199,798			109,335		551,374			253,794
Aerospace		68,984			49,778		176,404			143,950
Climate & Industrial Controls		22,577			16,298		53,630			32,939
Total segment operating income		480,822			309,009		1,319,662			754,887
Corporate general and administrative expenses		41,734			41,280		112,681			99,054
Income from operations before interest expense and other		439,088			267,729		1,206,981			655,833
Interest expense		24,619			25,951		74,883			76,703
Other expense		24,752			35,385		99,767			116,473
Income before income taxes	$	389,717		$	206,393	$	1,032,331		$	462,657

PARKER HANNIFIN CORPORATION - MARCH 31, 2011

CONSOLIDATED BALANCE SHEET

(Unaudited)

(Dollars in thousands)	March 31, 2011			March 31, 2010			June 30, 2010
Assets
Current assets:
Cash and cash equivalents	$	1,107,955		$	380,561		$	575,526
Accounts receivable, net		1,950,980			1,563,150			1,599,941
Inventories		1,390,862			1,196,558			1,171,655
Prepaid expenses		89,692			90,153			111,545
Deferred income taxes		151,840			123,906			130,129
Total current assets		4,691,329			3,354,328			3,588,796
Plant and equipment, net		1,788,377			1,782,426			1,697,881
Goodwill		2,976,232			2,882,709			2,786,334
Intangible assets, net		1,191,072			1,207,440			1,150,051
Other assets		729,852			631,345			687,320
Total assets	$	11,376,862		$	9,858,248		$	9,910,382
Liabilities and equity
Current liabilities:
Notes payable	$	173,233		$	366,684		$	363,272
Accounts payable		1,085,126			785,244			888,743
Accrued liabilities		844,852			748,955			776,527
Accrued domestic and foreign taxes		237,209			171,092			176,349
Total current liabilities		2,340,420			2,071,975			2,204,891
Long-term debt		1,683,731			1,535,905			1,413,634
Pensions and other postretirement benefits		1,341,920			1,151,046			1,500,928
Deferred income taxes		159,777			177,512			135,321
Other liabilities		267,285			226,266			196,208
Shareholders’ equity		5,481,908			4,609,629			4,367,965
Noncontrolling interests		101,821			85,915			91,435
Total liabilities and equity	$	11,376,862		$	9,858,248		$	9,910,382
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
	Nine Months Ended March 31,
(Dollars in thousands)	2011			2010
Cash flows from operating activities:
Net income	$	762,496		$	333,313
Depreciation and amortization		254,125			278,015
Share incentive plan compensation		56,792			48,145
Net change in receivables, inventories, and trade payables		(239,968	)		61,432
Net change in other assets and liabilities		(35,202	)		117,870
Other, net		1,690			2,622
Net cash provided by operating activities		799,933			841,397
Cash flows from investing activities:
Acquisitions (net of cash of $385 in 2011)		(60,227	)		(5,451	)
Capital expenditures		(158,455	)		(90,862	)
Proceeds from sale of plant and equipment		23,818			4,054
Other, net		(8,251	)		(12,184	)
Net cash (used in) investing activities		(203,115	)		(104,443	)
Cash flows from financing activities:
Net proceeds from (payments for) common share activity		4,198			(4,178	)
Net proceeds from (payments for) debt		15,035			(409,363	)
Dividends		(142,906	)		(120,786	)
Net cash (used in) financing activities		(123,673	)		(534,327	)
Effect of exchange rate changes on cash		59,284			(9,677	)
Net increase in cash and cash equivalents		532,429			192,950
Cash and cash equivalents at beginning of period		575,526			187,611
Cash and cash equivalents at end of period	$	1,107,955		$	380,561

EX-99.2

Parker Hannifin Corporation

Quarterly Earnings Release

3

rd

Quarter FY2011

April 27, 2011

Exhibit 99.2

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Slide 2

Forward-Looking Statements

Forward-Looking Statements:

Forward-looking statements contained in this and other written and oral reports are made based on

known events and circumstances at the time of release, and as such, are subject in the future to

unforeseen uncertainties and risks. All statements regarding future performance, earnings projections,

events or developments are forward-looking statements. It is possible that the future performance and

earnings projections of the company, including its individual segments, may differ materially from current

expectations, depending on economic conditions within its mobile, industrial and aerospace markets,

and the company's ability to maintain and achieve anticipated benefits associated with announced

realignment activities, strategic initiatives to improve operating margins, actions taken to combat the

effects of the current economic environment,and growth, innovation and global diversification initiatives.

A

change in economic conditions in individual markets may have a particularly volatile effect on segment

performance. Among other factors which may affect future performance are: changes in business

relationships with and purchases by or from major customers, suppliers or distributors, including delays

or cancellations in shipments, disputes regarding contract terms or significant changes in financial

condition, changes in contract cost and revenue estimates for new development programs and changes

in product mix; uncertainties surrounding timing, successful completion or integration of acquisitions;

ability to realize anticipated cost savings from business realignment activities; threats associated with

and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal

proceedings, including the outcome of any appeals; competitive market conditions and resulting effects

on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the

company’s ability to manage costs related to insurance and employee retirement and health care

benefits; and global economic factors, including manufacturing activity, air travel trends, currency

exchange rates, difficulties entering new markets and general economic conditions such as inflation,

deflation, interest rates and credit availability. The company makes these statements as of the date of

this disclosure, and undertakes no obligation to update them unless otherwise required by law.

Slide 3

Non-GAAP Financial Measures

This presentation reconciles sales amounts reported in accordance

with U.S. GAAP to sales amounts adjusted to remove the effects of

acquisitions made within the prior four quarters and the effects

of

currency exchange rates on sales. The effects of acquisitions and

currency exchange rates are removed to allow investors and the

company to meaningfully evaluate changes in sales on a comparable

basis from period to period.

Slide 4

Discussion Agenda

CEO 3

rd

Quarter Highlights

Key Performance Measures & Outlook

Questions & Answers

CEO Closing Comments

Slide 5

Third Quarter FY11 Highlights

End Market Improvement:

Orders Improved Year-

over-Year and Sequentially for all Segments

Sales Growth:

Q3

Record

Sales, an Increase of 24%

Year-over-Year

Operating Margins:

Margins Improved Year-over-Year

for all Segments

Achieved All-time Record Margins in Q3 for:

–

Total Industrial and Total Parker Operating Margins

Net Income:

Achieved All-time Record Net Income/Sales

Continued Reduction in Leverage:

Gross Debt to Total

Capital Ratio Decreased to 25.3%

Continued Strong Cash Flow:

Q3 FY11 Operating Cash

Flow/Revenue of 12.1%

Slide 6

Financial Highlights

Diluted Earnings per Share

3

rd

Quarter and Year-to-Date

$1.68

$.94

$4.58

$2.04

$.00

$.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

Q3 FY11

Q3 FY10

FY11

FY10

Slide 7

Influences on 3

rd

Quarter Earnings

Diluted Earnings Per Share Increase of $.74 Year-

over-Year Primarily Driven By:

Increased Sales of 24%

Improved Operating Income ($.79 EPS Impact)

Margins Improved to 14.8% from 11.8% Year-over-

Year

Lower Other Expense ($.05 EPS Impact)

Offset primarily by:

Increased Corporate Tax Rate ($.06 EPS Impact)

Higher Number of Shares Outstanding ($.03 EPS Impact)

Slide 8

Financial Highlights

Sales –

3

rd

Quarter

Dollars in millions

FY2011

%

Change

FY2010

FY2011

%

Change

FY2010

Sales

As reported

3,240

$

23.9 %

2,615

$     

8,936

$ 

24.0 %

7,207

$     

Acquisitions

19

0.7 %

33

0.5 %

Currency

66

2.5 %

19

0.3 %

Adjusted Sales

3,155

$

20.7 %

8,884

$ 

23.2 %

Operating Margin

As reported

481

$  

309

$        

1,319

$ 

755

$        

% of Sales

14.8 %

11.8 %

14.8 %

10.5 %

3rd Quarter

3rd Quarter Year To Date

Slide 9

Segment Reporting

Industrial North America

Dollars in millions

FY2011

%

Change

FY2010

FY2011

%

Change

FY2010

Sales

As reported

1,179

$

23.0 %

959

$         

3,289

$  

27.0 %

2,589

$      

Acquisitions

9

1.0 %

13

0.5 %

Currency

6

0.7 %

14

0.6 %

Adjusted Sales

1,164

$

21.3 %

3,262

$  

25.9 %

Operating Margin

As reported

189

$   

134

$         

538

$     

324

$         

  % of Sales

16.1 %

13.9 %

16.4 %

12.5 %

3rd Quarter

3rd Quarter Year To Date

Slide 10

Segment Reporting

Industrial International

Slide 11

Segment Reporting

Aerospace

Slide 12

Segment Reporting

Climate & Industrial Controls

Slide 13

Parker Order Rates

Excludes Acquisitions & Currency

3-month year-over-year comparisons of total dollars, except Aerospace

Aerospace is calculated using a 12-month moving average

MAR '11

DEC '10

MAR '10

DEC '09

Total Parker

24 %

+ 

29 %

+ 

23 %

+   

7 %

-     

Industrial North America

20 %

+ 

26 %

+ 

30 %

+   

3 %

-     

Industrial International

22 %

+ 

29 %

+ 

42 %

+   

0 %

+    

Aerospace

44 %

+ 

37 %

+ 

22 %

-   

27 %

-   

Climate & Industrial Controls

14 %

+ 

26 %

+ 

38 %

+   

6 %

+    

Three Month Rolling at Period End

Slide 14

Balance Sheet Summary

Cash

Working capital

-

Accounts receivable

-

Inventory

-

Accounts payable

Slide 15

Strong Cash Flow

Cash from Operating Activities

3

rd

Quarter and YTD

Slide 16

Financial Leverage

25.3%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

Debt to Debt Equity

25.3% 

Debt to Debt Equity

Slide 17

FY 2011  Earnings Outlook Assumptions

Segment Sales & Operating Margins

  FY 2011 Sales change versus FY 2010

  Industrial North America

23.7 %

  -- 

24.7 %

  Industrial International

27.0 %

  -- 

28.0 %

  Aerospace

9.1 %

  -- 

10.1 %

  Climate & Industrial Controls

19.5 %

  -- 

20.5 %

  FY 2011 Operating margin percentages

  Industrial North America

16.3 %

  -- 

16.5 %

  Industrial International

15.5 %

  -- 

15.7 %

  Aerospace

12.9 %

  -- 

13.1 %

  Climate & Industrial Controls

7.9 %

  -- 

8.1 %

Slide 18

FY 2011 Earnings Outlook Assumptions

below Operating Margin (+/-

1.0%)

Corporate Admin

$155M

Interest Expense

$100M

Other Expense (Inc.) 

$132M

Total

$387M

Tax Rate

27%

Slide 19

Earnings Outlook –

FY11

Low

High

Diluted earnings per share

6.20

$  

6.40

$

Slide 20

Questions & Answers...

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Appendix

Income Statement

3

rd

Quarter FY2011

3

rd

Quarter YTD FY2011

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Slide 22

Income Statement –

3

Quarter

Dollars in millions

% of Sales

% of Sales

Net Sales

3,240.1

$ 

100.0 %

2,614.8

$ 

100.0 %

Cost of sales

2,463.1

76.0 %

2,062.4

78.9 %

Gross profit

777.0

24.0 %

552.4

21.1 %

S, G & A

375.1

11.6 %

316.0

12.1 %

Interest expense

24.6

.8 %

26.0

1.0 %

Other (income) expense, net

(12.4)

(.4)%

4.0

.1 %

Income before taxes

389.7

12.0 %

206.4

7.9 %

Income taxes

108.1

3.3 %

52.0

2.0 %

Net income

281.6

$    

8.7 %

154.4

$    

5.9 %

Less: Noncontrolling interests

2.0

$        

.1 %

.5

$

.0 %

Net income attributable to common

shareholders

279.6

$    

8.6 %

153.9

$    

5.9 %

FY 2011

FY 2010

rd

Slide 23

Income Statement –

3

rd

Quarter YTD